Independent wealth management giant Hightower has agreed to acquire NEPC, an institutional investment consultancy with roughly $1.7tn in assets under advisement.
Hightower, which is backed by private equity firm Thomas H. Lee Partners (THL), plans to acquire an 80% stake in NEPC, according to a source with knowledge of the situation. NEPC, originally known as New England Pension Consultants, is controlled by its employee partners.
NEPC, which is based in Boston, employs roughly 360 people. Founded in 1986 by chairman emeritus Richard Charlton, NEPC specializes in operating as a financial consultant to institutions, though the company also has a private wealth division that advises on $20bn in assets for roughly 45 clients. NEPC has roughly $95bn in assets under management.
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